Indian Rupee weakened substantially on Wednesday in line with the Asian currency tracking the weakness of the local equity markets. Renewed demand for the American currency from banks and importers in light of strengthening dollar in overseas markets mainly weighed on the sentiment. The dollar rose against its European counterpart today, benefiting from persistent worries about euro-zone debt problems. Meanwhile, the euro dipped against the dollar on Wednesday, inching back towards a two-month low hit earlier this week as worries over Greece's finances and Europe's spreading debt crisis continued to cast a pall over the single currency.
The partially convertible Rupee is currently trading at 45.38, weaker by 18 paise from its previous close of 45.20 on Tuesday. It has touched a high and low of 45.38 and low of 45.26 respectively. The Reserve Bank of India's reference rate for the US dollar stood at 45.25 and for Euro it stood at 63.58 on May 24, 2011. While, the RBI's reference rate for the Yen stood at 55.33 and the reference rate for the Great Britain Pound (GBP) stood at 72.8231. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| May 24,2011 | 45.25 | 72.8231 |
| May 23,2011 | 45.28 | 73.3038 |
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